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Paxos CEO Charles Cascarilla confirmed today that the firm terminated its relationship with Binance, citing the partnership as a divergence from its strategic priorities. Binance CEO Changpeng Zhao took to Twitter Monday morning to claim that “all funds are SAFU.” He also reiterated Paxos which said the firm will continue to manage Charles Cascarilla, the CEO and co-founder of Paxos Trust Company, a regulated blockchain infrastructure platform, reaffirmed the company's commitment to regulation, assuaging Regulators ordered New York-based blockchain company Paxos Trust to stop issuing Binance USD after a lawsuit threat by the SEC. In a wide-ranging Twitter Spaces AMA on Feb. 14, the co-founder and CEO of Binance, Changpeng Zhao, addressed ongoing FUD around the BUSD stablecoin, rumors Bloomberg reported that Circle, the issuer of the USDC stablecoin, filed a complaint to the regulator New York State Department of Financial Services (NYDFS) about Despite the SEC and New York regulators ordering issuer Paxos to stop minting BUSD, Binance CEO Changpeng ‘CZ’ Zhao reassures that the exchange will remain

Binance CEO Addresses Paxos Fallout: Discredits Circle Tip-Off to Regulators

The crypto world is buzzing after New York regulators ordered Paxos Trust to halt the issuance of Binance USD (BUSD). But what led to this regulatory action, and how is Binance responding? This article breaks down the key events, focusing on the statements from Binance CEO Changpeng Zhao (CZ) and Paxos CEO Charles Cascarilla.

Paxos CEO Charles Cascarilla Confirms Split, Cites Strategic Shift: Paxos CEO Charles Cascarilla confirmed today that the firm terminated its relationship with Binance, citing the partnership as a divergence from its strategic priorities. Cascarilla has also reaffirmed the company's commitment to regulation, assuaging Regulators anxieties amid the BUSD controversy. He will continue to manage Paxos Trust Company, a regulated blockchain infrastructure platform.

CZ Responds, Reassures Users: Binance CEO Changpeng ‘CZ’ Zhao has addressed the situation head-on. Despite the SEC and New York regulators ordering issuer Paxos to stop minting BUSD, Binance CEO Changpeng ‘CZ’ Zhao reassures that the exchange will remain operational. Binance CEO Changpeng Zhao took to Twitter Monday morning to claim that “all funds are SAFU.” He also reiterated Paxos' statement which said the firm will continue to manage existing BUSD reserves.

Did Circle Tip Off Regulators? CZ Discredits the Claim: One of the circulating rumors suggests that Circle, the issuer of the USDC stablecoin, alerted regulators to Binance's BUSD practices. Bloomberg reported that Circle filed a complaint to the regulator New York State Department of Financial Services (NYDFS) about BUSD. In a wide-ranging Twitter Spaces AMA on Feb. 14, the co-founder and CEO of Binance, Changpeng Zhao, addressed ongoing FUD around the BUSD stablecoin, although he has now discredited the theory of a ‘Circle tip-off’ to the regulators, suggesting further investigation is required.

Key Takeaways: The Paxos-Binance relationship has ended. While CZ assures users that funds are SAFU and Binance will continue to operate, the future of BUSD remains uncertain. The events highlight the increasing regulatory scrutiny on stablecoins and the broader crypto market. The story continues to develop.

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